**EXHIBIT      4.6**

**BluePhoenix      Solutions Ltd. 2007 Award Plan**

| 1. | **NAME** |
|----|----------|

**Company**
**Plan**

| 2. | **PURPOSE                OF THE PLAN** |
|----|----------------------------------------|

| 3. | **HEADINGS                AND DEFINITIONS** |
|----|---------------------------------------------|

|  | 3.1 | The                section headings are intended solely for the reader’s convenience and in                no event shall they constitute a basis for the interpretation of                the                Plan. |
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|  | 3.2 | In                this Plan, the following terms shall have the meanings set forth                beside                them: |
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| ***“Affiliates”***                     |   | Corporate                entities who are controlled by, or under control of, the                Company;                                                                                                                                                   |
|----------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                               |   |                                                                                                                                                                                                                                                        |
| ***"Approved                Award"***              |   | An                Award granted under Section 102 in accordance with the capital gains                route;                                                                                                                                                |
|                                               |   |                                                                                                                                                                                                                                                        |
| ***“Award”***                          |   | A                conditional right to receive an ordinary share of the Company, granted                to                a Participant, subject to the provisions of this Plan and the applicable                Award Agreement;                      |
|                                               |   |                                                                                                                                                                                                                                                        |
| ***“Award                Agreement”*** |   | A                written agreement between the Company and a Participant setting forth                the                terms under which Awards are granted to a Participant;                                                                             |
|                                               |   |                                                                                                                                                                                                                                                        |
| ***“Board”***                          |   | The                Company’s Board of Directors, or, subject to applicable law and to the                Company’s Articles of Association, any committee empowered by the Board                for the purpose of implementation of this Plan; |
|                                               |   |                                                                                                                                                                                                                                                        |
| ***"Company"***                                    |   | BluePhoenix                Solutions Ltd., a company incorporated under the laws of Israel or                any                Successor Company;                                                                                                          |
|                                               |   |                                                                                                                                                                                                                                                        |
| ***“Consultant***”                     |   | Shall                mean any person, except an Employee, engaged by a Group Company,                in order                to render services to such company, including as an advisor;                                                              |

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| ** *****“Effective                Date”*** |   | A                date to be determined separately for each Participant, as specified                in                such a Participant’s Award Agreement, from which the vesting period of the                Awards shall commence;                                                                                                                                                                                                                                                                                                                                                                         |
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|                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| ***“Employee***”                                |   | Shall                mean any person, who is a common law employee of a Group Company,                and who                is on the payroll of such company or any officer of such company,                all in                accordance with Section 102;                                                                                                                                                                                                                                                                                                                                                     |
|                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| ***“Expiration                Date”***     |   | Ten                (10) years from the Effective Date of such Award;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| ***“Holding                Period”***           |   | The                holding period provided under Section 102 in respect of the “capital gains                route” or under a tax ruling received from the Israeli Tax                Authority;                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| ***“Ordinance”***                               |   | The                Israeli Income Tax Ordinance [New Version], 5721-1961 and the regulations                promulgated thereunder, as amended from time to time;                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| ***“Participant****”*                           |   | Shall                mean an Employee of, or a Consultant to, a Group Company;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| ***“Purchase                Price”***           |   | Shall                mean the consideration required to be paid by a Participant upon                vesting                of one Award;                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| ***"Group                Company"***                        |   | Any                member of the Group;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| ***"Group"***                                               |   | The                Company, its Subsidiaries and Affiliates;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| ***“Section                102”***              |   | Section                102 of the Ordinance and the Israeli Income Tax Rules (Tax Relief                in                Issuance of Shares for Employees) 2003, as amended from time to                time;                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| ***“Share”***                                   |   | An                ordinary share of the Company (par value NIS 0.01 per share) issued                upon                the Vesting of an Award;                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| ***“Structural                Change”***        |   | (a)                An acquisition of all or substantially all of the Company’s assets;                or(b)                A merger or spin-off or an arrangement which economically amounts                to a                merger or a spin-off , under which the Company is not the surviving                entity; or(c)                A sale or a series of sales of ordinary shares constituting at least                50%                of the Company’s capital or at least 50% of the voting power, which causes                the delisting of the Company form NASDAQ Global Market; |

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| ***“Subsidiary”***                       |   | Any                entity in which the Company holds more than 50% of the share capital,                or                over 50% of the voting rights;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
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| ***“Successor                Company”*** |   | Shall                mean any entity with or into which the Company merged, or to which                certain                operations or certain assets of the Company were transferred, or                which                purchased substantially all the Company’s assets or ordinary share,                provided that the Company is not the surviving entity;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
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| ***“Tax”***                              |   | Any                applicable tax and other compulsory payments such as social security                and                health tax contributions under any applicable law;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
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| “***Termination”***                      |   | (1)                For an Employee, the interruption or termination of service as an                Employee, and (2) for Consultants, the interruption, expiration,                or                termination of such person’s consulting or advisory relationship with a                Group Company, or the occurrence of any termination event as set                forth in                such person’s Award Agreement;  For                the purpose of this plan the following shall not be considered as                Termination (i) for an Employee- annual leave, sick leave, maternity                leave, infant care leave, medical emergency leave, military leave,                or any                other leave of absence authorized in writing by the Board, or a transfer                of an Employee from a Group Company or vice versa; and (ii) for a                Consultant- any temporary interruption in such person’s availability to                provide services to a Group Company, which has been authorized in                writing                by the engaging Company’s board prior to its commencement;                                                                                                                                                                                                                                                                                                             |
|                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| ***“Termination                Date”***  |   | With                regard to Employees, the earlier of (i) the date on which the employment                relations between an Employee and a Group Company have been Terminated,                for any reason whatsoever; or (ii) 120 days following the date on                which a                notice regarding such Termination was sent by a Group Company, or                by the                Employee, to the other party;  With                regard to Consultants, the earlier of (i) the date of Termination                of the                agreement between the Consultant and a Group Company; or (ii) 120                days                following the date on which a notice regarding such Termination was                sent                by a Group Company, or by the Consultant, to the other party; Notwithstanding                the foregoing, if the termination of employment or provision of services                is due to, or connected with, one of the following instances, the                Termination Date shall be the date on which a notice regarding such                Termination was sent by a Group Company, or by the Employee or Consultant,                as the case may be, to the other party. The said instances are as                follows:(i)  The                Participant commits a criminal offense (whether against a Group Company                or                any other person or entity); |

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|                                            |   | (ii)  The              Participant is dishonest or breaches his fiduciary duties or duty of              loyalty towards Group Company; (iii)                The Participant intentionally or recklessly damages a Group Company’s                property and/or good name and/or business; (iv)                The Participant is grossly negligent in fulfilling his duties towards                a                Group Company; (v) The                Participant deviates intentionally in a material way from his authority                and/or instructions given to him by the Group Company's competent                organs                (vi)                The Participant breaches intentionally in a material way the terms                of his                employment or consultancy agreement, or other agreement with the                Group                Company. |
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|                                            |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| ***“Transfer”***                    |   | With                respect to Awards or Shares - the sale, assignment, transfer, pledge,                mortgage or granting of any right to a third party                thereto;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                            |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| ***“Trustee***”                     |   | Any                trustee appointed by the Company, in accordance with Section 102                and                approved by the Israeli Tax Authority;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                            |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| ***“Vesting                Date”*** |   | Each                date upon which the Award is converted into Shares, as determined                in the                Award Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

| 4. | **ADMINISTRATION                OF THE PLAN** |
|----|-----------------------------------------------|

|  | 4.1 | The                Board shall have the power to administer the Plan. |
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|  | 4.2 | Subject                to the provisions of the Plan, the Board shall have the authority,                at its                discretion: (i) to grant Awards to Participants; (ii) to determine                the                terms and provisions of each Award granted (which need not be identical),                including, but not limited to, the number of Awards to be granted                to each                Participant, provisions concerning the time and the extent to which                the                Awards may Vest, the underlying Shares sold and the nature and duration                of                restrictions as to the Transferability of Awards and/or Shares; (iii)                to                amend, modify or supplement the terms of each outstanding Award;                (iv) to                interpret the Plan; (v) to prescribe, amend, and rescind rules and                regulations relating to the Plan, including the form of Award Agreements;                (vi) to authorize conversion or substitution under the Plan of any                or all                Awards or Shares and to cancel or suspend Awards, as necessary, provided                the material interests of the Participants are not harmed; (vii)                to                accelerate or defer (with the consent of the Participant) the right                of a                Participant to receive Shares under any previously granted Awards;                (viii)                to authorize any person to execute on behalf of the Company any instrument                required to effectuate the grant of an Award previously granted by                the                Board; and (ix) to make all other determinations deemed necessary                or                advisable for the administration of the Plan. |
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|  | 4.3 | This                Plan shall apply to grants of Awards made following the adoption                of this                Plan by the Board. |
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|  | 4.4 | All                decisions, determinations, and interpretations of the Board shall                be final                and binding on all Participants unless otherwise determined by the                Board. |
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| 5. | **ELIGIBILITY**  |
|----|-----------------------|

| 6. | **SHARES                RESERVED FOR THE PLAN**  |
|----|-------------------------------------------------------|

|  | 6.1 | Subject                to Section 13.1 of the Plan, the maximum aggregate number of Shares                that                may be subject to Awards under the Plan, subject to any adjustment                made to                the share capital of the Company is one hundred and thirty one                thousand*(131,000)*                ordinary shares of the Company. The Shares may be authorized but                unissued                ordinary shares, or reacquired ordinary shares of the Company. If                an Award                should expire for any reason without having Vested in full, Shares                that                were subject thereto shall, unless the Plan shall have been terminated,                become available for future grant under the Plan. In addition, any                Shares                which are retained by the Company upon Vesting of an Award in order                to                satisfy the Purchase Price for such Award or any withholding taxes                due                with respect to such Vesting shall be treated as not issued and shall                continue to be available under the Plan. |
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|  | 6.2 | The                Company during the term of this Plan will at all times reserve and                keep                available such number of ordinary shares as shall be sufficient to                satisfy                the requirements of the Plan. |
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|  | 6.3 | The                Shares constitute part of the ordinary shares of the Company, and                they                shall have equal rights for all intents and purposes as the rights                attached to the ordinary shares of the Company, subject to the provisions                of this Plan and an Award Agreement. Any change of the Company’s Articles                of Association, which may change the rights attached to the Company’s                ordinary shares, shall also apply to the Shares, and the provisions                hereof                shall apply with the necessary modifications arising from any such                change. |
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|  | 6.4 | The                grant of Awards under this Plan shall not restrict the Company in                any way                regarding future creation of additional and/or other classes of shares,                including classes of shares, which may in any manner be preferred                over the                currently existing ordinary shares which are offered to Participants                under                this Plan. The grant of Awards under this Plan shall not entitle                any                Participant to receive any compensation in the event of any change                of the                Company’s capital. |
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| 7. | **TERMS                AND CONDITIONS OF THE                AWARDS** |
|----|----------------------------------------------------------------------|

|  | 7.1 | **Grant** |
|--|-----|-----------|

|  | 7.1.1 | The                Board shall offer from time to time to Participants, Awards on a                personal                basis. A written Award Agreement between the Company and the Participant,                in such form as the Board shall from time to time approve, shall                evidence                the Awards granted pursuant to the Plan. Each Award Agreement shall                state,                among other matters, the number of Awards granted, the Vesting Dates                and                such other terms and conditions as the Board at its discretion may                prescribe, provided that they are consistent with this                Plan. |
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|  | 7.1.2 | Approved                Awards shall be subject to the Trustee’s trusteeship, as provided in                Section 10 below, and to the submission of the Plan for approval                by the                Israeli Tax Authority. |
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|  | 7.2 | **Vesting**.                The Board shall set vesting criteria at its discretion, which, depending                on the extent to which the criteria are met, will determine the number                of                Shares the Participant will receive. The Board may set vesting criteria                based upon the achievement of Company-wide, business unit, or individual                goals (including, but not limited to, continued employment), or any                other                basis determined by the Board at its discretion. The vesting conditions                and schedule shall be set in the applicable Award Agreement, however,                unless otherwise determined, the Awards shall vest over 3 years in                equal                installments, on a yearly basis starting on the date of                grant. |
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|  | 7.3 | **Earning                Shares.**Upon                meeting the applicable vesting criteria, the Participant shall be                required                to pay the Purchase Price of the Vested Awards in order to be entitled                to                receive the amount of Shares specified in the relevant Award Agreement.                The issuance of Shares shall occur as soon as practicable after the                payment of the Purchase Price. |
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|  | 7.4 | **Non                Transferability of Awards.**                Unless otherwise determined by the Board, an Award shall not be                Transferable by the Participant other than by will or by the laws                of                descent. Awards and/or the Shares, or rights arising therefrom, shall                not                be subject to mortgage, attachment or other willful encumbrance,                and no                power of attorney shall be issued in respect thereof, whether such                enter                into force immediately or at a future date. |
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|  | 7.5 | **Dilution.**The                Shares, being part of the ordinary share capital of the Company,                shall not                be protected against dilution in any manner whatsoever, unless otherwise                determined by the Board.** ** |
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|  | 7.6 | **Dividend                Rights*****.***                No                Participant shall have any rights to receive dividends in respect                of                Shares, until such Shares are issued to the Participant or the Trustee.                Following the issuance of the Shares, such Shares will entitle the                Participant to receive any dividend, to which other holders of ordinary                shares in the Company are entitled. |
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|  | 7.7 | **One                Time Benefit.***** ***The                Awards and Shares are extraordinary, one-time benefits granted to                the                Participants, and are not and shall not be deemed a salary component                for                any purpose whatsoever, including in connection with calculating                severance                compensation under any applicable law. |
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|  | 7.8 | **Fractions**.                An Award may not be converted into a fraction of a Share. In lieu                of                issuing fractional Shares, on the vesting of a fraction of an Award,                the                Company shall convert any such fraction of an Award, which represents                a                right to receive 0.5 or more of a Share, to one Share and shall extinguish                any such fraction of an Award, which represents a right to receive                less                than 0.5 of a Share without issuing any Shares. |
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|  | 7.9 | **Term**.                No full or partial Vesting of an Award shall be carried out following                the                Expiration Date of such Award. |
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| 8. | **TERMINATION                OF EMPLOYMENT OR ENGAGEMENT**. |
|----|-------------------------------------------------------------|

|  | 8.1 | Unless                otherwise determined by the Board, if a Participant’s employment or                engagement with a Group Company is Terminated for any reason, any                Award or                portion thereof that has not Vested as of the Termination Date shall                immediately expire on the Termination Date. |
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|  | 8.2 | No                Participant shall be entitled to claim against a Group Company that                he or                she was prevented from continuing to Vest Awards as of the Termination                Date. Such Participant shall not be entitled to any compensation                in                respect of the Awards which would have Vested had such Participant’s                employment or engagement with a Group Company not been                Terminated. |
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| 9. | **NO                RIGHT TO EMPLOYMENT, SERVICE OR                SHARES** |
|----|-----------------------------------------------------------------------------|

| 10. | **TRUST**  |
|-----|-----------------|

|  | 10.1 | Unless                provided otherwise by the Board, Approved Awards granted under Section                102, and any Shares (including other Shares received subsequently                following any realization of rights, such as bonus shares), shall                be held                in trust by the Trustee for the benefit of the Participant, in accordance                with the provisions of Section 102. |
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|  | 10.2 | The                Approved Awards and Shares shall not be released from the trust nor                shall                they be sold, unless the Company and the Trustee are satisfied that                the                full amounts of Tax due have been paid or will be                paid. |
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|  | 10.3 | Subject                to the provisions of Section 102, a Participant shall not sell or                release                from trust any Approved Award and/or Share received from an Approved                Award                and/or any Share received subsequently following any realization                of                rights, including without limitation, bonus shares, until the lapse                of the                Holding Period. Notwithstanding the above, if any such sale or release                occurs during the Holding Period, the sanctions under Section 102                shall                apply to and shall be borne by such                Participant. |
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|  | 10.4 | As                long as the Shares are held by the Trustee for the benefit of the                Participant, all rights of the Participant over the Shares cannot                be                Transferred other than by will or the laws of decent and                distribution. |
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|  | 10.5 | Without                derogating from the aforementioned, the Board shall have the authority                to                determine the specific procedures and conditions of the trusteeship                with                the Trustee in a separate agreement between the Company and the                Trustee. |
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| 11. | **ADJUSTEMENTS                TO THE SHARES SUBJECT TO THE PLAN** |
|-----|-------------------------------------------------------------------|

|  | 11.1 | **Adjustment**.                If the ordinary share capital of the Company shall at any time be                changed                or exchanged by declaration of a stock dividend, stock split, combination                or exchange of shares, recapitalization, or any other like event                by or of                the Company                effected without receipt of consideration by the Company,                and as often as the same shall occur, then the number, class and                kind of                the underlying Shares and the Purchase Price (if applicable) of the                Awards                subject to the Plan shall be appropriately and equitably adjusted                so as to                maintain the proportionate number of Shares, provided, however, that                no                adjustment shall be made by reason of the distribution of subscription                rights (rights offering) on outstanding ordinary share. Upon occurrence                of                any of the foregoing, the class and aggregate number of underlying                Shares                of the Awards, issuable pursuant to the Plan, shall be appropriately                adjusted by the Board, whose determination in that respect shall                be final,                binding, and conclusive. Except as expressly provided herein, no                issuance by the Company of shares of any class, or securities convertible                into shares of any class, shall affect, and no adjustment by reason                thereof shall be made with respect to, the number or price of Shares                underlying an Award. |
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|  | 11.2 | **Changes                to the Plan*****.***The                Board shall be entitled, from time to time, to update and/or change                the                terms of this Plan, in whole or in part, at its sole discretion,                provided                that in the Board’s opinion such a change shall not materially derogate                from the rights attached to the Awards and/or Shares already issued                under                this Plan, unless mutually agreed otherwise between the Participant                and                the Company. The Board shall be entitled to terminate this Plan,                at any                time provided that such termination shall not materially affect the                rights                of Participants, to whom Awards have already been granted. |
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|  | 11.3 | **Structural                Change*****.***                Without derogating from the Board’s general powers under the Plan to                determine the treatment of the Awards and Shares upon a Structural                Change,                in the event of any Structural Change, the Board shall be entitled                (but                not obliged), at its sole discretion, to: (i) provide for an assumption                or                exchange of Awards and/or Shares for awards and/or shares and/or                other                securities or rights of the Successor Company; and/or (ii) provide                for an                exchange of Awards or Shares for a monetary compensation; and/or                (iii)                determine that all unvested Awards shall terminate on the date of                such                Structural Change. In the case of assumption and/or substitution                of                Awards, appropriate adjustments shall be made so as to reflect such                action                and all other terms and conditions of the Award Agreements shall                remain                unchanged, including but not limited to the vesting schedule, all                subject                to the determination of the Board, which determination shall be at                its                sole discretion and final. The grant of any substitutes for the Awards                and/or Shares to Participants further to a Structural Change, as                provided                in sub-clauses (i) and (ii), shall be considered as full compliance                with                the terms of this Plan. The value of the exchanged Awards and/or                Shares                pursuant to this section 11.3 shall be determined in good faith solely                by                the Board and its decision shall be final and binding on all the                Participants. |
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|  | 11.4 | **Liquidation**.                In the event of the proposed dissolution or liquidation of the Company,                Awards will terminate immediately prior to the consummation of such                proposed action, unless otherwise provided by the Board.  |
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| 12. | **TAXES                AND WITHHOLDING TAX** |
|-----|----------------------------------------------|

|  | 12.1 | Unless                provided otherwise by the Board, Approved Awards allotted to Israeli                Employees, who are not holders of “controlling interest” in the Company,                as provided in Section 5 above, shall be subject to the provisions                of                Section 102, as shall apply from time to time, and the regulations                promulgated thereunder. |
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|  | 12.2 | Any                Tax imposed in respect of the Awards and/or Shares, including, but                not                limited to, the grant of Awards, and/or the Vesting of an Award,                and/or                issuance of Shares, and/or the Transfer, waiver, or expiration of                Awards                and/or Shares, and/or the sale of Shares, shall be borne solely by                the                Participants, and in the event of death, by their heirs. The Group,                the                Trustee or anyone on their behalf shall not be required to bear the                aforementioned Taxes, directly or indirectly, nor shall they be required                to gross up such Tax in the Participants’ salaries or remuneration. The                applicable Tax shall be deducted from the proceeds of sale of Shares                or                shall be paid to the Group Company or the Trustee by the Participants.                Without derogating from the aforementioned, a Group Company or the                Trustee                shall be entitled to withhold any Taxes according to the requirements                of                any applicable laws, rules, and                regulations. |
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|  | 12.3 | The                Company's or Trustee's obligation to deliver Shares upon Vesting                of an                Award or to sell or Transfer Shares is subject to payment (or provision                for payment satisfactory to the Board) by the Participant of all                Taxes due                under any applicable law. |
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|  | 12.4 | The                Participants shall indemnify any Group Company and/or the Trustee,                immediately upon request of the Group Company, for any Tax (including                interest and/or fines of any type and/or linkage differentials in                respect                of Tax and/or withholding Tax) for which the Participant is liable                under                any applicable law or under the Plan, and which was paid by a Group                Company or the Trustee, or which a Group Company or the Trustee are                required to pay. A Group Company or the Trustee may exercise such                indemnification by deducting the amount subject to indemnification                from                the Participants’ salaries or remunerations or proceeds of sale of any                other Shares. |
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|  | 12.5 | Should                the Awards or Shares that were allotted pursuant to Section 102 be                Transferred by power of a last will or under law, the provisions                of                Section 102 shall apply to the heirs or transferees of the deceased                Participant. |
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|  | 12.6 | In                respect to Awards which are not Approved Awards, if the Participant                is                Terminated, the Participant shall extend to the Company a security                or                guarantee for the payment of Tax due at the time of sale of the Shares,                if                such Tax should be withheld by the Company or a Group Company according                to                the Ordinance or any other applicable                law. |
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| 13. | **EFFECTIVE                DATE AND DURATION OF THE                PLAN** |
|-----|---------------------------------------------------------------------------|

|  | 13.1 | The                Plan shall be effective as of the day it was adopted by the Board                and                shall terminate at the end of ten (10) years from such day of                adoption. |
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|  | 13.2 | The                Company shall obtain the approval of the Board for the adoption of                this                Plan or for any amendment to this Plan. The Company’s counsel notified the                NASDAQ Stock Market that it follows Israeli law and practice in lieu                of                the requirements specified in NASDAQ Marketplace Rule requiring                shareholders approval for the establishment of this plan. |
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|  | 13.3 | Termination                of the Plan shall not affect the Board’s ability to exercise the powers                granted to it hereunder with respect to Awards granted under the                Plan                prior to the date of such                termination. |
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| 14. | **SUCCESSORS                AND ASSIGNS** |
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| 15. | **MISCELLANEOUS** |
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|  | 15.1 | **Notices**.                Notices and requests regarding this Plan shall be sent in writing                by                registered mail or by courier to the addresses of the Company and                the                Participant as follows: if to the Company: 8 Maskit St., Herzlia,                Israel                46120; if to the Participant - to the Participant’s address, as registered                in the Company’s registries. |
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|  | 15.2 | This                Plan (together with any Award Agreement) constitutes the full agreement                and/or understanding between the Group and the Participants in connection                with the grant of Awards to Participants. Any representation and/or                promise and/or undertaking made and/or given by a Group Company or                by                whomsoever on their behalf, which have not been explicitly expressed                herein, shall have no force and                effect. |
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|  | 15.3 | **Choice                of law**.                Unless otherwise specified in a specific Award Agreement, this Plan                shall                be governed by and construed in accordance with the laws of the State                of                Israel, without giving effect to principles of conflicts of law.                The                competent courts of Tel-Aviv, Israel shall have exclusive jurisdiction                to                hear all disputes arising in connection with this                Plan. |
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